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BSE Benchmark Sensex dips 104 pts |
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Written by Reetu Sharma
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Monday, 13 July 2009 16:50 |
 The benchmark indices ended lower inline with the global peers as huge cut was seen in most of the Asian markets. The Sensex closed at 13,400 down 104 points, after seeing a recovery of 180 points from an intraday low of 13,219. The Nifty fell 0.75% or 30 points to settle at 3,974, after a recovery of 55 points from day's low of 3,918. Among the broader indices - the BSE Midcap Index was down 2.84% or 133 points and Smallcap Index lost 3.38% or 176 points. Selling was seen in metal, realty, telecom, capital goods, power and auto stocks while slight recovery was seen in technology and banking stocks.
The market breadth was extremely weak and the total turnover dropped 12.6% to Rs 67,617 cr. as against Rs 77,419 cr.
Movers & Shakers
The metal index ended down 3.7 %. SAIL, Nat. Alumn, Tisco, JSW Steel and Hindalco were down 4-8%.
The BSE realty index also dropped 3.7 %. Peninsula Land, Mahindra Lifes and Phoenix Mills fell more than 7.9 % each. DLF and Unitech were down 3% each.
The BSE auto index shed 2.5 %. Stocks like Telco, Hero Honda, Maruti and M&M down were down 2-3%.
The power index lost 2.4 %. RelianceInfra down 6%, TataPower, Suzlon and Neyveli were down 2-3.5%.
In the banking space stocks like Axis Bank, Icici Bank and HDFC were up 0.5-2%.
Sugar stocks took a huge hit. Bajaj Hind, Balrampur Chini, Renuka and Triveni Engg lost 7-12%.
In the Sensex pack Reliance Infra was the top loser down 6.1 % to Rs 966. Tata Steel, JP Associates and Maruti were the other losers down more than 3.4 % each.
Sun Pharma, however, was the gainer up 2.5 %. The company over the weekend reached an agreement with Forest Laboratories over a patent infringement dispute for Forest's bestselling antidepressant, Lexapro. TCS, Infosys and Wipro also ended in the positive zone up 0.5-2.8%. |
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Last Updated on Monday, 13 July 2009 17:00 |
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“Jyoti Structures Ltd Long Term Buy Call” |
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Written by Ajay Gupta
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Tuesday, 07 July 2009 04:12 |
 Abhishek Jain, StocksIdea.com:
Jyoti Structures Ltd was incorporated in 1943 and is promoted by Jyoti group. Company is a leader in providing turnkey solutions in the field of High Voltage Power Transmission Lines and Substations. With around 27 years of proven experience, it has earned accolades and recognition from a wide spectrum of customers around the world. Jyoti Structures Ltd. is one among very few companies worldwide, which possesses the capabilities to execute total turnkey jobs that involve setting up both transmission lines and substations. Its operations have extended to around 24 countries, as of today and its reputation is built on commitment to total quality and customer satisfaction. Jyoti Structures Ltd. received the ISO 9001 certification in 1995, and more recently the ISO 14001 certification for its quality practices.
Products & Services—
Company is engaged in the manufacture of transmission line towers, sub-station structures, railway electrification structures etc and it also undertakes turnkey contracts for extra high voltage transmission lines and substations. Jyoti Structures has two project divisions, transmission lines and substations and has two manufacturing plants, a construction division and a research and development centre. Its plants are located in Kalol (Mehsana, Gujarat) and Vadodara (Gujarat). The company has clients in domestic market such as MSEB, NPTC, NTPC etc and now it is also showing presence into international market.
Company has in-house quality procedures include physical, mechanical & chemical raw materials testing and destructive/non-destructive testing. The quality assurance function reports independently to the engineering function, thus providing a short feedback loop that ensures quicker resolution of quality issues. Its facilities have been approved by various International utilities such as Vatenfall (Sweden), Power Link, Western Power and Trans GRID (Australia), IVO (Finland), ABB (Germany), BalforKilpatric (U.K.), HydroQuebec (Canada), National Grid (UK), Mott MacDonald (U.K.), Kennedy Donkin Power (U.K.), etc.
Jyoti Structres has two key lines of business. These are "Transmission Lines" and "Substations". Company undertake turnkey projects on a global scale, offering a complete range of services from Design, Engineering Consulting, Tower Testing, Manufacturing, Construction and project management. Its internal processes and systems have been approved by international quality bodies such as NQA - QSR (RVC accredited) and EAQA (NACCB / UKAS accredited). Over the past 25 years, Jyoti Structures has designed and executed more than 5,500 circuit kms. of high voltage transmission lines. Company has participated in transmission line projects in over 24 countries globally. It has well-organized trained manpower, latest design tools and experience to take on turnkey projects for transmission lines from 33 kV to 800 kV irrespective of terrain, location and requirements of power utilities within and outside India. Jyoti Structures has proven expertise in the design (electrical, civil & structural), procurement, construction and project management of high voltage transmission substations and switchyards. It has undertaken projects ranging from the augmentation of existing substations and development of new substations employing innovative technologies like SCADA.
At current market price, stock is trading at 11.24 P/E multiple of its FY2010 estimated earnings. We recommend investors to buy “Jyoti Structures Limited” with medium to long term investment horizon. |
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“Stock Mkts are trading at a very crucial level” |
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Written by Samrat Khanna
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Tuesday, 07 July 2009 03:09 |
 Nirmal Bang:
The benchmark indices closed flat after trading extremely volatile throughout the session. The Sensex closed at 14,658 up 13 points, after fluctuating between an intraday high of 14,764 and low of 14,469. The Nifty witnessed a swing of 94 points between a day's high of 4383 and low of 4288, before ending at 4349 up 8 points. The market breadth was positive throughout the day and the cash volumes were also higher then previous day.
Markets are trading extremely volatile and players are very skeptical ahead of the budget. The trend is weak but nifty is still holding some important support levels of 4240?4140. There is lot of selling pressure at higher levels in the index pivotal like Reliance, Bhel which is dragging the momentum down. Markets are trading at a very crucial level from where the nifty can rally 8% on either side taking cues from the budget. We believe that one should wait for the clear trend to emerge and then look for a great buy. If nifty manages to trade above 4440 then one should stay long and if it breaks 4270 then go short
Metal and power stocks witnessed buying interest while capital goods, banking, auto and telecom stocks witnessed selling pressure. Inflation for the week?ended June 20 stood at ?1.30% versus ?1.14% on week?on?week basis.
For tomorrow and Monday support for nifty is at 4270 and a trade below this level could bring severe selling pressure into the system.On the higher side if 4380 ? 4440 level is taken out then markets might rally higher.
The trend still remains cautious as nifty future is still trading below some important resistance point of 4380?4450. Unless nifty break and sustains above 4450 fresh buying should be avoided. On an intra?day basis 4305?4270 should act as a strong support area. |
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World Market Watch: Nirmal Bang Securities |
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Written by Reetu Sharma
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Tuesday, 07 July 2009 04:08 |
 U.S. stocks tumbled, sending the Dow Jones Industrial Average to its biggest drop since April 20, as a worse?than?projected decrease in jobs added to concern that rising unemployment will prolong the recession. Treasuries rose, while oil retreated to a five?week low.
The second?quarter earnings season in US will kick off next week with Alcoa, the largest U.S. aluminum producer, reporting results on July 8. Analysts estimate profits in the S&P 500 declined 34% in the second quarter and will slump 21% on average in the third before rebounding 61% in the final three months of the year, according to Bloomberg data.
Oil retreated 3.7% to $66.72 a barrel, Treasuries rose, sending twoyear yields below 1% for the first time in almost a month, and the dollar climbed against the euro on speculation a weak labor market will prolong the recession.
The dollar headed for a weekly gain versus the euro on speculation the global recession will be prolonged, increasing demand for the safety of the U.S. currency.
Six banks in Illinois and one in Texas were seized by regulators as the deepening financial crisis pushed the toll of failed U.S. lenders this year to 52, the most since 1992.
Asian stocks fell for a third day as worsening job markets in the U.S. and Europe fanned doubts the global economy will recover soon. Today marks the first three?day slump in MSCI’s Asian gauge since April 28 as economic reports this week pointed to stalled recovery in the region.
India’s Finance Minister Pranab Mukherjee may increase spending on power, roads and aid to the poor in next week’s budget to bolster growth in Asia’s third? largest economy. Goldman Sachs Group Inc.
estimates the gap to rise to 6.5% of gross domestic product this year from 6.2%. Rating agencies are likely to watch closely the government’s intentions to cut the deficit. Any downgrade would adversely affect the outlook for foreign investments into the country. India may raise its annual bond?sale target by 10% to a record in next week’s budget to fund a widening deficit, a Bloomberg News survey showed.
Borrowing in the year ending March 31 may increase to 4 trillion rupees from a previous estimate of 3.62 trillion rupees, according to the median forecast in a survey of 17 economists and investors. |
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Stock Markets 
Mumbai, July 31 : Bombay Stock Exchange (BSE) Sensex hit a 13 months record high of 15732.81 points on Friday.